Conclusion
Solana price analysis for July 31, 2022, ends on a bullish note for SOL with high chances of a trend reversal.
Solana price analysis for July 31, 2022, comes on a bullish note for the SOL token as we can confirm that the prices have surged by more than 3% in the last 24 hours and investors can expect additional price surges in the near future if the $45 price level is broken and SOL then makes a move towards the $50 price level. It is imperative to note that the coin has found support at the $40 and $30 price region, the stronger one being the $30 price support. It is very likely that we will retest the minor support at $40 soon.
As noted in our SOL price analysis for July 30, 2022, there is an increased resistance around the $45 price region which the token has failed to reclaim due to low volume. It will be interesting to see if SOL is able to pull this one off.
The data from CoinMarketCap shows that the trading volume for SOL dropped by 1.72% in the last 24 hours, followed by a 3.56% surge in the market cap. The Market Dominance of the Solana token rose to 1.38%, while the Volume / Market Cap Ratio stands at 0.1305.
The daily candle for Solana was initiated at a price of $43.84 and reached a daily high of $44.19. Furthermore, the daily low for SOL was seen at $43.33, while the price of 1 SOL at the time of writing was $43.54.
Solana price analysis from the daily chart for July 31
Solana price analysis for July 31, 2022, will take into account the data from the daily chart below and three major indicators integrated into it.
Source: TradingView
The MACD line and the signal line are nearly overlapping as it can be confirmed that volume is still very low for Solana.
The RSI indicator reads a value below 58 confirming that the bulls are giving it their all.
The price action for Solana might retest the middle region of the Bollinger Bands if $40 support is retested.
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